Why Property Rates In Ghaziabad’s Vaishali Have Skyrocketed

The rates of flats in Delhi-NCR have skyrocketed in the last few months, as per reports. The price of a Middle-Income Group (MIG) flat used to be between Rs 30 and 40 lakh till two years ago, now a one-floor flat is being sold for Rs 2.75 crore. Till two years ago, the price of Low-Income Group (LIG) and MIG flats in Ghaziabad’s Vaishali Sector 4, 5, 6, and 9 used to be between Rs 30 lakh and Rs 45 lakh. Now, the price of a flat in the same place has become Rs 3 crore, Rs 2.75 crore, Rs 2 crore, Rs 2.5 crore, or Rs 1.25 crore. In the last few months, the situation has changed so much that today the price of flats being built on Ghaziabad Development Authority’s (GDA) vacant plots has increased manifold. Reports suggest builders have recently built many houses on empty plots in Vaishali Sector 6, which is just one and a half kilometres away from Vaishali Metro Station. These flats have been ready for months. Some of these flats have been sold, and some are lying idle.

As per the caretaker of the flats that have not been sold, builders will sell this house, but not for less than 2 crore, even if it remains vacant like this. They are not even up for rent. The builder comes once a week or 10 days. That too, when someone comes to see the house.

For the unversed, earlier four flats were built on one floor on the 100 yards of vacant land in Ghaziabad’s Vaishali Sector 4, 5, 6, and 9. Since the last two years, builders can build only one flat on these vacant lands. Now, the permission to build four flats is not being given by GDA. Due to this, builders have increased the rate of the house. Earlier, middle-class people used to buy LIG and MIG flats in this area, which is no longer possible. If the report of real estate consultant Colliers India and data analytics company Liases Foras is to be believed, till May this year, the prices of flats in eight cities of the country had increased by 4 percent to 19 percent.

Overall, it is going to be more expensive for the middle class to buy a home in Ghaziabad, Noida, Greater Noida, Noida Extension of Delhi-NCR. The house prices have increased many times in most of the cities of the country. People earning Rs 50,000 to 60,000 a month may face problems in buying a house.